Nakheel pays Dh5 billion to trade creditors

Nakheel, one of the UAE's largest property developers, said, it has paid Dh5 billion to contractors and suppliers. "We are pleased to announce that Nakheel has to date made payments of Dh5 billion to its trade creditors," A Nakheel spokesperson said on Sunday. Nakheel, developers of the Palm Island, has already delivered a number of large master-planned projects, such as International City, Jumeirah Park, Jumeirah Lake Towers. "Today's announcement marks significant progress in our recapitalisation plan, following on from the initial payments to trade creditors of Dh500,000 or less, which commenced in March 2010." The company received Dh8 billion cash from Dubai government last year to help bring it back to business and complete some of the ongoing projects. From / Gulf News